Economy

Gov't to Boost Welfare, Job Spending in 2018 Budget

Finance Minister Kim Dong-yeon said that the government will set aside more money for welfare and job creation in next year's budget while cutting back on investing in hard assets.

Kim who also serves as deputy prime minister called for "aggressive restructuring" in state expenditures during a meeting held with economy-related ministers at the Seoul Government Complex on Wednesday.

The finance chief said that real estate measures announced last week aimed at stabilizing the country's overheating housing market appear to be effective to some degree.

He said the government will continue to monitor the market situation and implement additional measures if necessary in order to root out speculation and assist real property demand.

He added the government will announce a package of measures to tackle the rising household debt within this month, geared toward a soft landing in debt growth and to support vulnerable households in debt.